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Bitcoin Correlation with Nasdaq Hits All-Time Low
Bitcoin has surged over 115% since the beginning of the year, reaching approximately $92,000. The total cryptocurrency market capitalization has also crossed $3.025 trillion, setting a new record. While Bitcoin is considered a high-risk asset, its volatility has dropped significantly, from over 100% in 2021 to around 60% over the past 30 days.
The 30-day correlation between Bitcoin and the Nasdaq index has fallen to 0.46, one of the lowest levels in the past five years. Following Donald Trump’s victory in the U.S. elections, Bitcoin reached a new all-time high of over $93,000, while the Nasdaq remains 4% below its historical peak.
Data from Fidelity shows that Bitcoin has delivered the best performance relative to its risk and has only a 19% correlation with the S&P 500. The correlation between Bitcoin and Ethereum has also dropped to its lowest level.
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BTC > 100K 👍
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What is Bitcoin? (v2)
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